For Owners Looking to Sell, an Option That Keeps Their Company Intact

In early 2000, Michael and Lynn Terry started a business selling horse trailers that were lighter than their competitors’ and customized to each client’s needs. Nearly two decades later, their company, Cimarron Trailers, with tens of millions of dollars in sales, employed over 130 people in Chickasha, Okla., and their trailers were sold at 30 dealerships across the country.

And they wanted to retire.

But as the couple, who met in high school, contemplated a sale, they faced a conundrum: They had offers from dealers and competitors to buy their business; they also had an offer from a private equity firm for a price so high they were shocked. But none of those offers guaranteed that Cimarron would continue as a business with its 130 employees working in its community.

“We thought, this has got to go on,” Mrs. Terry said. “We’re one of the bigger employers here in Chickasha.”

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Hardship Option Considered For Alexandria Real Estate Tax Payment

ALEXANDRIA, VA — On Saturday, Alexandria City Council will consider a resolution allowing taxpayers to request waivers of penalties and interest for late real estate tax payments based on financial hardship tied to the pandemic.

The city’s second installment of 2020 real estate taxes are due on Nov. 16. Late payments are typically associated with penalties — 5 percent if not paid within 15 days and 10 percent if more than 15 days late. Interest is also charged at 10 percent per annum for the first year of delinquency, and at 5 percent per annum for every year thereafter.

If council approves the resolution, city staff would be directed to consider waivers of late payment penalties and interest for the real estate tax until March 1, 2021 for taxpayers facing financial hardships related to the pandemic. Late payments beyond March 1, 2021 would continue to accrue late penalties and interest.

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